Tikehau Capital

Tikehau Capital SCA reported that its net results group share doubled year-on-year to EUR165 million in the first half of 2026. Core fee-related earnings rose 32% to EUR80 million, with the core FRE margin expanding six points to 42%, while total asset management revenues reached EUR198 million, 96% of which came from management fees that grew 13% to EUR190 million. The investment portfolio generated EUR222 million in revenues, doubling from the prior year, driven by a EUR217 million gain from the sale of the Schrader stake, and assets under management increased 5% to EUR53.5 billion. The company closed its sixth direct lending vintage at EUR5.2 billion, approximately 60% larger than its predecessor, and maintained EUR1.6 billion in short-term financial resources alongside investment-grade ratings from S&P Global and Scope Ratings.

Tikehau Capital has decided to exercise its pre-maturity call option for all outstanding 2.25% bonds due 14 October 2026, issued on 14 October 2019 under ISIN FR0013452893. The redemption date is set for 7 August 2026, with bonds redeemed at their principal amount of €100,000 each plus accrued interest from the last interest payment date up to, but excluding, 7 August 2026. Payment will be made in euros by Société Générale as paying agent. Notice will be delivered to bondholders through Euroclear France and published on the websites of Tikehau Capital and Euronext Paris.

Tikehau Capital disclosed share repurchases totaling 6,914 shares between 19 June and 25 June 2026, at a weighted average price of 17.0430 euros. The buybacks were executed across the XPAR and CEUX markets, with daily volumes ranging from 499 to 1,838 shares on XPAR and 150 to 473 shares on CEUX. The weighted average price per day varied from 16.7374 to 17.3394 euros. The disclosure was made in accordance with the EU Market Abuse Regulation.

Growing fears of an AI-driven bubble are prompting financial advisors to look to European equity markets as a safer alternative. Analysts warn that a potential correction could slash the S&P 500 by an estimated 20%, with record market concentration and overvaluation echoing the dot-com era. Raphael Thuin, head of Tikehau Capital, told Bloomberg that the investment case for the 'buy Europe' trade is back, noting his firm has recently doubled down on its European exposure. Goldman Sachs, Barclays, and HSBC have also issued improved forecasts for the Stoxx Europe 600 Index, citing low valuations, decent returns, and a broader base of returns compared to the concentrated US market. Fund managers are particularly optimistic about banks, defense, and cyclical sectors in the coming year.